Tuesday, Rome withdrew their 2020 Olympic bid citing financial difficulties. The International Olympic Committee (IOC) requires that the government guarantees funds from bid cities.
Tuesday, Premier Mario Monti said that the government would not be able to finance the $12.5 billion project and the decision was made after much discussion. Monti said that it would be an irresponsible use of taxpayer money at this time.
"We arrived at this unanimous conclusion that the government didn't feel it was responsible to assume such a guarantee in Italy's current condition," Monti said. "We studied the plans with great care.
"Italy can and must have ambitious goals. Our government is focused also on its growth, not just on strictness, but at this time we don't think it would be fitting to commit Italy to this type of guarantee, which could put at risk taxpayers' money."
Madrid, Tokyo, Istanbul, Doha Qatar, and Baku, Azerbaijan have submitted their bid for the 2020 Olympics and the IOC will make a decision in 2013.
If you enjoyed reading this article, please click on the subscribe button above to receive an email when new articles are published by this examiner.
Source: ESPN
The best 2012 Super Bowl Commercials create a buzz (video)
Recent articles from this examiner:
The last of US combat troops leave Iraq as war officially comes to an end
Two-week old baby pulled from rubble in Turkey after earthquake (video)
Amanda Knox returns home to Seattle; prosecutor prepares for appeal (video)
Comments